Ether is showing impressive growth and is up 11% in the past 24 hours to erase its recent losses. Yesterday, Ethereum broke through the first major resistance level at $2,339 before falling below $2,200.
However, it has since resumed its uptrend and broken through the $2,349 level and the $2,400 level. At the time of writing, ETH is trading at $2,485 after breaking through a key resistance level at $2,474.
Analyst The Crypto Dog believes ETH could hit a new record high in the coming days.
I think the $ETH will see atoms in the next 3-4 days.
– CryptoDog (@TheCryptoDog) April 25, 2021
ETH price forecast
The 4-hour chart of ETH/USD shows that the crypto-currency is currently in a rally phase. After losses late last week, the ETH recovered over the weekend and is now trying to regain its all-time high.
If the current trend continues, the ETH/USD pair could break through the important resistance point of $2,533. A longer rally could target the all-time high ($2,644) and pave the way for ETH to set a new all-time high above it.
Chart 4 hours ETH/USD. Source: Coincide
The MACD line is drifting into bullish territory and the RSI is closing at 60. Meanwhile, ETH is trading well above its 100-day simple moving average ($2,248), suggesting that the cryptocurrency is currently enjoying strong support.
However, the ETH/USD pair could drop down to the $2,163 support point. Barring a prolonged selloff, the cryptocurrency will likely stay away from the $2,000 lower boundary. Ether has a base support level of $2,082 and its 23.6% FIB of $2,041 should limit losses.
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